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The International Monetary Fund () cut its world economic forecast for the third time in less than a year as a Chinese slowdown and a beatdown across the commodity spectrum wreaks havoc in Brazil and other emerging markets.

The IMF estimated that global economic growth in 2016 and 2017 would be 3.4% and 3.6% respectively, down 20 basis points from their forecast less than three months ago.

Chinese economic growth was pegged at 6.3% in 2016 and 6.0% in 2017 in line with their forecast this past October.

The IMF cut U.S economic growth by 20 basis points (from its earlier forecast in October 2015) in 2016 and 2017 to 2.6% in each year as the continued strengthening of the dollar weighs heavy on the manufacturing sector and the battering in oil prices chokes off investments in the energy space.

For the EC/EU/EZ, the fund increased its 2016 economic growth forecast to 1.7% (up 10 bips from the October 2015 forecast) and predicted a similar rate of growth for 2017. Nonetheless, the IMF encouraged European bankers to continue to expand monetary policy within the EC.

The IMF predicts that Brazil will remain mired in a recession in 2016 and expects that 2017 will be a zero growth year to boot as well for that country.

Of course, the U.S. Federal Reserve thinks things here at home are fantastic and remains mired in its dogmatic view that we still need 4 rate hikes in 2016 thanks to the low level of unemployment and despite a steady string of weak economic data in retail sales (slowing consumer spending) and manufacturing (stronger dollar).